SpaceX put a price on its IPO Wednesday. The preliminary prospectus, filed with the Securities and Exchange Commission (SEC), lists 555,555,555 Class A shares at $135 each and applications to list on Nasdaq and Nasdaq Texas under the ticker SPCX. Gross proceeds would be about $75 billion, and SpaceX lists about $74.4 billion in net proceeds before any over-allotment option. Founder and Chief Executive Officer Elon Musk would still hold about 82.4% of the vote.

Key Takeaways

AI-generated summary, reviewed by an editor. More on our AI guidelines.

Filing puts the price on record

Reuters reported Tuesday that SpaceX planned to fix the price ahead of investor meetings, a break from the usual range process. The price fills in the blank left by the company's May public S-1, which had already combined Starlink revenue and AI-segment costs in one offering.

SpaceX also asked underwriters to reserve up to 5% of the Class A shares offered in the IPO for certain employees and other people selected by executive officers. The prospectus says those purchases would be made at the same initial price and would not face lock-up restrictions.

SpaceX disclosed $18.674 billion of consolidated revenue for 2025, a $2.589 billion operating loss and $6.584 billion of adjusted EBITDA. Connectivity, mainly Starlink, generated $11.387 billion of revenue and $4.423 billion of income from operations in 2025, while the Space segment had $4.086 billion of revenue and a $657 million loss from operations.

The AI segment carries the largest disclosed operating loss among SpaceX's three segments. The newly acquired unit generated $3.201 billion of revenue in 2025 and a $6.355 billion loss from operations, with another $2.469 billion loss in the March quarter. CNBC cited investment research firm Morningstar's $780 billion valuation and its view that SpaceX was significantly overvalued.

Proceeds point to AI and satellites

The prospectus says SpaceX intends to use proceeds for AI compute infrastructure, launch infrastructure, launch vehicles, satellite constellations and general corporate purposes. The same filing says SpaceX expects to begin deploying orbital AI compute satellites as early as 2028, a plan disclosed inside the newly acquired AI segment after SpaceX's earlier-2026 xAI merger.

Compared with earlier private-market reports, the prospectus gives public investors segment figures for Space, Connectivity and AI. In the same filing, Starlink's operating income appears alongside a capital program that includes AI compute infrastructure, launch hardware and a proposed satellite-based AI network.

Musk keeps control after the listing

The share structure gives one vote to each Class A share and 10 votes to each Class B share. SpaceX states that Musk would keep enough voting power to elect directors and approve matters that require shareholder consent.

Goldman Sachs is listed first among the bookrunners. Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan follow on the cover page. The registration statement is still preliminary; Reuters' calendar has investor meetings beginning June 4, pricing on June 11 and trading on June 12, but the report said SpaceX can still change the size or timing during the roadshow.

Frequently Asked Questions

What IPO price is SpaceX targeting?

SpaceX said in its June 3 preliminary prospectus that it expects an initial public offering price of $135 per Class A share.

How much money would SpaceX raise?

The sale of 555,555,555 shares at $135 each would raise roughly $75 billion before expenses. The prospectus lists about $74.4 billion in expected net proceeds.

What will SpaceX use the proceeds for?

SpaceX said it intends to fund AI compute infrastructure, launch infrastructure and vehicles, satellite constellations and general corporate purposes.

Why does Starlink matter to the offering?

Connectivity, mainly Starlink, generated $11.387 billion of 2025 revenue and $4.423 billion of income from operations, making it the visible profit base in the prospectus.

How much control would Elon Musk keep?

SpaceX said Musk would hold about 82.4% of voting power after the offering, helped by Class B shares that carry 10 votes each.

AI-generated summary, reviewed by an editor. More on our AI guidelines.

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